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ATTENTION CLIENTS

 

Our Wallington branch has relocated to 259 Paterson Avenue, Wallington, NJ 07057.

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BUSINESS BANKING

Millington Bank Merger Information

Dear Valued Client,


An even better banking experience is coming your way.

Millington Bank is joining Kearny Bank to provide you with more options, advanced technology, more locations, and expanded expertise. We’re combining our talents, building on strengths and expanding capabilities to provide the best in financial services.

Kearny Bank is an outgrowth of Kearny Federal Savings established in 1884. The past 25 years have seen rapid expansion with Millington Bank bringing our branch total to 52. Headquartered in Fairfield, New Jersey, our branch network extends to ten New Jersey counties plus Brooklyn and Staten Island in New York.

The Millington Bank acquisition will take place July 10, 2020. Computer Systems Conversion will be completed by Monday, July 13, 2020.

We intend to make this transition as transparent and convenient as possible. To ensure a smooth computer systems integration, all Millington Bank locations will be closed Friday, July 10 at 3pm through Sunday, July 12. All Millington Bank ATMs will be offline from 3pm Friday, July 10 through 9am Monday, July 13, 2020.

ONLINE/MOBILE/TELEPHONE BANKING CHANGES: Your existing Millington Bank Online Banking, including Mobile Banking and Telephone Banking accounts, will be shut down as of 3pm on Friday, July 10 and will not be available until Monday, July 13. Beginning that day, your Millington Online Banking account can be accessed through Kearny Bank’s website at kearnybank.com. Telephone Banking can be accessed by calling 866-813-2754.

Only Online Banking accounts that have been utilized in 2019 and 2020 will be converted.

For all consumer Online Banking clients

Your Kearny Bank username will continue to be your Millington Bank User ID, and for the first login, your temporary password will be the last six (6) digits of your social security number. Example: If your current Online Banking User ID is JSmith and your SSN is 123-45-6789, then your Kearny Bank username stays as JSmith and your temporary password will be 456789.

All recurring transfers will be converted; however, any one-time transfers will NOT be converted. We also ask that you DO NOT schedule any transfers to occur after Thursday, July 9 on the Millington Bank Online Banking system.

For all Business eBanking clients

Your Kearny Bank username will be your Millington Bank User ID (converted to lowercase), and for the first login, your temporary password will be your Company ID plus the first 4 digits of your User ID (in lowercase). Example: If your current Company ID is 1234567 and your User ID is JSMITH, your new Kearny Bank Business Online Banking username will be jsmith, and your temporary password will be 1234567jsmi.

No pending one-time or recurring transfers will be converted to Kearny Bank’s Business Online Banking system. Any required transfers will need to be entered into the Kearny Business Online Banking system.

Only Online Banking clients who made use of Bill Pay in 2020 will be automatically converted to the Kearny Bill Pay system. The same holds true for Business eBanking users. Please DO NOT set up any new bill payment for processing after Thursday, July 9. You will be able to log into your new Online Banking account as of Monday, July 13, and resume using Bill Pay at that time.

CHECKING ACCOUNT NUMBER CHANGE: Be advised that checking account numbers will be changing and new starter kits will be mailed in early July. Current Millington Bank checks may be used through the close of business on July 10 and new checks thereafter. We suggest you print out or download any account history prior to the computer systems conversion for your own recordkeeping purposes. Account history since January 1, 2020 will be converted; however, it may not be available until after July 10, 2020.

ATM/DEBIT CARD CHANGES: ATM/Debit cards will be reissued with new account numbers. Your card will be sent in early July 2020 but will not be active until July 11, 2020. Millington Bank cards will be deactivated as of Friday, July 10, 2020. Only new Kearny Bank issued cards will function thereafter.

You will receive instructions with a toll-free number to call and set your personal identification number (PIN) for your new card. Please do not write your PIN on your card, and do not share your PIN with others. To activate your new card, follow the instructions on the label attached to the front of your card. Please remember to sign the back of your card before using it. After activating your new card, please destroy your old card immediately. If you are a debit card client who has a preauthorized payment arrangement with a vendor, be sure to provide the vendor with your new card number to continue automated periodic debits.

If you have any questions or need assistance, please call us at 800-273-3406. A lost or stolen Debit Mastercard® can also be reported to the after-hours hotline at 888-849-6046.

LOAN PAYMENT CHANGES: Effective July 13, all loan payments must be made payable to Kearny Bank and mailed to our Corporate Headquarters at 120 Passaic Avenue, Fairfield, NJ 07004 or may be made in person at any Kearny Bank branch. Loan account numbers will not change. Remember to update any external or internal online banking system with this new payee and mailing address.

Kearny Bank is a full-service organization catering to both individuals and businesses.

We feature a variety of highly competitive residential lending options including fixed and adjustable rate mortgages, a first-time home buyers program, and fixed and revolving line-of-credit home equity loans. Our experienced professionals can assess needs and craft loans specific to your objectives.

Our commercial group provides expertise in lending for a myriad of business purposes. Our federal designation as a Preferred Small Business Administration lender, one of a handful in New Jersey, means Kearny Bank can simplify and speed the process to provide funds quicker than most competitors. In addition, we have a full range of business banking solutions.

Current deposit programs include multiple Checking, Savings and Money Market options plus a full range of CDs.

Our Board of Directors, Management and Staff look forward to welcoming you to the Kearny Bank family. Rest assured that your financial needs are our priority. We are excited about the opportunities ahead and confident in providing an even better banking experience for you.

Sincerely,


Craig L. Montanaro
President & Chief Executive Office

Effective July 13, 2020

  Former Millington Bank Account

New Kearny Bank Account

Account Name Value Checking E-Z Checking
Service Charge NA NA
Interest Bearing Account No No
Interest Calculation Method NA NA
Interest Frequency NA NA
Requirements None None
Account Name High Interest Checking

High Yield Checking

Service Charge $5/monthly if minimum daily balance falls below $2,500. NA
Paper Statement Fee NA $3/monthly paper statement fee if eStatements are not maintained.
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily

Simple. The interest rates are calculated by each balance tier, not the entire balance. APYs for the higher tiers will be a range of APYs, not just a single APY. 

Interest Frequency Monthly Monthly
Requirements $2,500 daily minimum balance to earn APY. If the daily minimum balance is not maintained, the APY reverts to the interest Checking current APY.  To earn the APY each monthly statement cycle: maintain an average daily balance of $100. To earn the higher APY each monthly statement cycle: maintain an average daily balance of $100, register for Online Banking and enroll to receive eStatements at kearnybank.com, receive one (1) direct deposit or (1) automatic debit processed through your account, and conduct at least ten (10) point of sale transactions that post and clear. Receive unlimited ATM Fee Reimbursements when all qualifications are met.
Account Name Interest Checking Relationship Checking
Service Charge $5/monthly if minimum daily falls below $100. $25/monthly if average daily balance falls below $2,500.
Paper Statement Fee NA $3/monthly paper statement fee if eStatements are not maintained.
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Simple
Interest Frequency Monthly Monthly
Requirements None To earn the APY each monthly statement cycle: maintain an average daily balance of $2,500, register for Online Banking and enroll to receive eStatements at kearnybank.com and receive one (1) direct deposit.
Account Name NJ Consumer E-Z Checking
Service Charge $3/monthly

NA

Interest Bearing Account No

No

Interest Calculation Method NA NA
Interest Frequency NA NA
Requirements None None
Account Name Personal MMA Relationship Building MMA
Service Charge $5/monthly if minimum daily falls below $1,000. $20/monthly if minimum daily falls below $15,000.
Paper Statement Fee NA $3/monthly paper statement fee if eStatements are not maintained.
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Simple
Interest Frequency  Monthly Monthly
Requirements $1,000 minimum daily balance to earn APY. To earn the APY each monthly statement cycle: maintain an average daily balance of $15,000. To earn the higher APY each monthly statement cycle: maintain an average daily balance of $15,000 or more, maintain an active Kearny Bank consumer checking account with direct deposit established, and register for Online Banking and enroll to receive eStatements at kearnybank.com. 
Account Name Business Checking Business Checking
Service Charge $10/monthly if minimum daily balance falls below $500. $10/monthly if minimum daily balance falls below $100. 
Interest Bearing Account No No
Interest Calculation Method  NA NA
Interest Frequency Monthly  Monthly
Requirements $500 minimum daily balance to avoid fee. $100 minimum daily balance to avoid a minimum balance fee.
Account Name Business Interest Checking Business Checking
Service Charge $10/monthly if minimum daily balance falls below $500. $10/monthly if minimum daily balance falls below $100. 
Interest Bearing Account Yes No
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. $2,500 minimum daily balance to avoid a minimum balance fee.
Account Name Business MMA Business Tiered MMA
Service charge $10/monthly if minimum daily balance falls below $1,000. NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY.

$2,500 minimum daily balance to earn APY.

Account Name IOLTA IOLTA
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Simple
Interest Frequency Monthly Monthly
Requirements Must maintain a minimum daily balance of $1. Must maintain a minimum daily balance of $1. 
Account Name Municipal Checking Public Funds Checking
Service Charge $10/monthly if minimum daily balance falls below $500.  NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Simple
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. Must maintain a minimum daily balance of $1.
Account Name Statement Savings Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. None
Account Name Passbook Savings Regular Passbook Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. None
Account Names America Save Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $1,000 minimum daily balance to earn APY. None
Account Name VIP Savings Special Savings Personal
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements None None
Account Name Holiday Club  Holiday Club
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency At Maturity At Maturity
Requirements $2 Minimum daily balance to earn APY. None
Account Name Money Market Savings Money Market Savings
Service Charge $5/monthly if minimum balance falls below $1,000. NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly  Monthly
Requirements If balance falls below $1,000 any day, the APY reverts to the Passbook Savings current APY. $1 minimum daily balance to earn interest.
Account Name Opportunity Savings Statement Savings
Service Charge NA NA
Interest APY Yes  Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. None
Account Name Business Savings Business Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance None
Account Name VIP Business Savings Business Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compound Daily  Compound Daily
Interest Frequency Monthly Monthly
Requirements None None
Account Name Business Opportunity Savings Business Statement Savings
Service Charge NA

NA

Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements None  None
Account Name Municipal Savings Public Funds Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Simple
Interest Frequency Monthly Monthly
Requirements None Must maintain a minimum daily balance of $1.
Account Name Escrow Management Savings Escrow Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements None None
Account Name Landlord Escrow Savings Landlord Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily

Compounded Daily

Interest Frequency Monthly

Monthly

Requirements $50 minimum daily balance to earn APY.

None

Account Name E-Savings Statement Savings
Service Charge NA NA
Interest Bearing Account Yes Yes
Interest Calculation Method Compounded Daily Compounded Daily
Interest Frequency Monthly Monthly
Requirements $50 minimum daily balance to earn APY. None

 

Effective July 13, 2020

Former Millington Bank  CD/IRA Term

AT MATURITY Converts to Kearny Bank CD/IRA Term

3 Month CD

3 Moth Business CD

91 Day CD

182 Day CD

182 Day Business CD

7 Month CD

7 Month Business CD

7 Month E-CD

6 Month CD

3 Month IRA

182 Day IRA

7 Month IRA

9 Month IRA

6 Month IRA

9 Month CD

9 Month Business CD

11 Month CD

11 Month Business CD

12 Month CD

12 Month Business CD

13 Month CD

13 Month Business CD

13 Month E-CD

15 Month CD

15 Month Business CD

1 Year CD

11 Month IRA

12 Month IRA

15 Month IRA

1 Year IRA CD

18 Month CD

18 Month Business CD

18 Month E-CD

24 Month CD

24 Month ACT CD

24 Month Business CD

24 Month E-CD

2 Year CD

18 Month IRA Fixed

18 Month IRA

24 Month IRA

2 Year IRA CD

30 Month CD

30 Month Business CD

36 Month CD

36 Month Business CD

3 Year CD

30 Month IRA

36 Month IRA

3 Year IRA CD

48 Month CD

48 Month Business CD

4 Year IRA CD
48 Month IRA 4 Year IRA CD

60 Month CD

60 Month Business CD

60 Month E-CD

120 Month CD

120 Month Business CD

5 Year CD

60 Month IRA

120 Month IRA

5 Year IRA CD
18 Month IRA Variable IRA Savings
12 Month Muni CD Public Funds

Effective July 13, 2020

ACCOUNTS FEES
Bank Check $8
Check Printing Varies by Style and Quantity
Closed Savings or Checking - Less than 1 year $15
Coin Count Clients Free, 15% for Non-Depositors
Collection Item - Incoming or Outgoing $27
Consular Letter $25
Deposited or Cashed Check Returned $20
Excessive Use Service Charge: Money Market Checking, Money Market Savings, Statement or Passbook Savings, Per Item

$15

Foreign Item - Canadian Check (Plus fees from Paying Bank) $20
Foreign Item - Any Other Check (Plus fees from Paying Bank) $30
Dormant Account  

Checking

After 1 Year - Per Month 

$5

Passbook Savings

After 2 Years - Per Year

$10

Statement Savings

After 1 Year - Per Year

$10
Non-Sufficient (NSF) Funds, Per Item $36
Levy and Lien Processing  $150
Money Order - Clients Online $6
Continued Overdraft (after 5th Day- Per Day) $7
Non-Sufficient (NSF) Transfer $12
Reconcilement - Per Hour $30
Safe Deposit Box Drilling $150
Safe Deposit Box Lost Key - One $25
Safe Deposit Box Lost Key - Two $150
Stop Payment - All Types $30
Uncollected Funds, Per Item $36
Wire Transfer - Incoming $15
Wire Transfer - Outgoing Domestic $30
Wire Transfer - Outgoing International $50

 

FAQs

Who is Kearny Bank?

Kearny Bank is a full-service community bank originally established in 1884 as Kearny Federal Savings. It is a state-chartered savings bank subsidiary of Kearny Financial Corp. Headquartered in Fairfield, New Jersey, Kearny Bank has assets in excess of $6.7 billion, 48 branch locations, and nearly 500 employees, excluding this merger. Its retail footprint covers nine New Jersey counties as well as Brooklyn and Staten Island, NY. Kearny Bank plans to expand through measured internal growth, de-novo (new) branching, mergers and acquisitions.

What is Kearny Bank’s corporate philosophy?

What precipitated this merger agreement?

What is the difference between “Legal Day 1” vs. “Conversion Date”?

Will there be any impact on my branch or its personnel?

What happens to my Safe Deposit Box rental rate at renewal?

When will I be able to bank at any of the combined 52 locations?

Will clients be contacted by phone or e-mail from Bank representatives asking for personal or account information?

Does Online/Mobile/Telephone Banking remain the same?

Will my direct deposit and automated payments continue?

What will happen to my eStatement history?

What is going to happen to my bill pay history?

How do I keep records of my balance and transactions?

Can I continue to use my Millington Bank ATM/Debit cards?

What if I do not receive my new ATM/Debit Card?

Are my limits changing?

Will my account number change; will I have to get new checks with Kearny’s name?

Can I keep my passbook?

Can I deposit and redeem my CD at a Kearny branch?

Am I allowed to continue to make current and prior year IRA contributions to my existing 18 Month Variable IRA throughout the term?

Will I still incur a penalty if I am over 59 1\2 and need to access my IRA CD before maturity?

Will I still incur a $25.00 closing fee on a Trustee to Trustee Transfer?

Will anything change as far as my RMD is concerned?

When will we be getting our IRA Statements?

Who will be sending me my IRA Tax forms (1099-R, 1099-Q, 5498)?

What is going to happen to my Mortgage? Where do I send the payment?

Do I need new instructions for incoming wire transfers

Will my accounts still be covered by the FDIC?

With accounts at both institutions, will the merger affect the amount of FDIC coverage?

What will happen to my Social Security or Direct Deposit once the banks combine?

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